Bridging Loan To Secure a Property In Cumbria - September 13, 2018

Area:Keswick

Loan amount:£315k

Our client, a widower in his early sixties wished to move closer to his family in Keswick, Cumbria. He had an offer accepted on his current house on the outskirts of Birmingham, but due to the discovery of rising damp at the property, his buyer pulled out. This left him with a significant risk of losing the onward purchase in Cumbria as the vendors were anxious to sell and were not prepared to wait for him to re-market his property – therefore requesting that completion take place within 14 days or they were to relist their property on market.

With this pressure put on him he turned to One 77’s Specialist Lending Department.

We were able to use his existing residence as the security for a bridging loan. The lenders valuer approved the property subject to a damp coursing treatment being arranged in place prior to completion. The funds were then available for draw-down within 10 days.

The client was able to secure his move to his new property in Cumbria and simply paid the loan back three months later once the damp coursing treatment was completed, the property was remarketed and subsequently sold.

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